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How to Find the Best Term Insurance Plan in Seven Steps

Term Insurance Quote
  • 9th Jul 2019
  • 2,000

How to Find the Best Term Insurance Plan in Seven Steps

It is important to secure your finances once you earn them. Life is uncertain and you never know what might happen to you tomorrow. There is no certainty in this fast-paced world and having financial security in the future is very important. Keeping your financial goals aside, you need to understand that there is no security of your life. Therefore, an insurance plan is essential for your financial wellbeing in the future.

Benefits of a term insurance plan

A term insurance plan is an insurance cover, which will provide the nominees of the policyholder an assured amount under the main corpus in case of the death of the insured during the policy term. There are no maturity benefits if the policyholder survives the term. However, this plan provides financial security to the policyholder’s family if the policyholder passes away. When you buy a term plan, you can remain rest assured and stress-free that your family will be looked after in your absence.

How to choose a term insurance plan?

Before you buy term insurance online, follow the seven steps mentioned below.

1. Primarily, start by listing out your specific needs. You need to have a very clear idea about your requirements and plan working on them accordingly. You must keep your long-term and short-term goals in mind while creating a plan of action. This step is very crucial for choosing the best term insurance plan.

2. At this stage, it is very important to compare the plans before choosing one. You can look at different plans online and get all the information you may need. All you have to do is visit the portal of different insurance companies and understand their features. You can then make a comparison to know what suits your interests.

3. Consider your medical history when making a decision. It is important to keep your current health conditions in mind, as they will have a direct impact on your plan. If you have a pre-existing health condition, you need to choose the term plan in accordance to that.

4. Match your goals with the features of the best term insurance plan. Do not be driven by short-term attractions, as they will affect your long-term gains. Hence, it is very important to match the goals with the features of the plan you intend to buy.

5. Keep the future in mind. Term insurance is about securing the future and it will act as a protection for your loved ones in case an untoward event occurs in the future. Hence, any decision that you make should be futuristic. You need to consider factors like future goals and the impact of inflation.

6. Keep the premium in mind. It is important to choose a plan, which allows you to pay the premium consistently while matching the benefits. The premium amount should be in proportion to the amount and type of coverage offered by your plan.

7. Take a decision on time because it will affect everything about the coverage. If you take too long to make a decision, you might have to pay a higher premium and the coverage could become limited.

Follow these seven steps to choose and buy best term plan for your age and financial requirements. Make a well-informed decision at the earliest.

- A Consumer Education Initiative series by Kotak Life

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